Blockchain Group Expands Bitcoin Holdings with €9.7 Million Investment
The Blockchain Group, recognized as the first Bitcoin Treasury Company in Europe, has unveiled a series of financial maneuvers totaling €9.7 million. This initiative aims to enhance its Bitcoin portfolio and solidify its presence in the decentralized technology arena. These operations, executed through its Luxembourg subsidiary, The Blockchain Group Luxembourg SA, involve the issuance of convertible bonds and Bitcoin subscriptions, backed by notable investors including TOBAM, Adam Back, and Ludovic Chechin-Laurans.
New Convertible Bonds Issued to Boost Bitcoin Treasury
On June 10, 2025, the Board of Directors convened and approved the issuance of Convertible Bonds A-03 Tranche 1, valued at €6 million, which TOBAM fully subscribed. Each bond, priced at €1, allows for conversion into 961,538 ordinary shares of the company at €6.24 per share—reflecting a 30% premium over the closing price from June 9, 2025. Notably, 95% of the raised capital is earmarked for Bitcoin purchases, with the remaining 5% allocated for operational costs of the Luxembourg office. The conversion of these bonds can occur anytime until June 10, 2028, contingent on the volume-weighted average price (VWAP) of shares reaching at least 130% of the conversion price, which stands at €8.112. Additionally, within three months post-Tranche 1 issuance, TOBAM may opt for Tranche 2, with a maximum value of €9 million, featuring similar conversion terms but a higher conversion price of €8.112 per share, dependent on the VWAP reaching €10.5456.
Ludovic Chechin-Laurans Engages in Bitcoin Transactions
Alongside these changes, Ludovic Chechin-Laurans has exercised his subscription rights for Tranche 2 of the OCA B-02, amounting to €2.42 million, which has been fully transacted in Bitcoin. This bond allows for conversion into 3,422,555 ordinary shares at approximately €0.7072 per share, reflecting a 30% premium over Tranche 1’s terms. This conversion price is significantly lower—by 86.37%—compared to the closing price on June 12, 2025.
Conversions Completed by Key Investors
In a noteworthy development, industry pioneer Adam Back has finalized the conversion of 8,097,961 OCA Tranche 1, receiving 14,885,957 ordinary shares at €0.544 per share. He further subscribed to an additional 2,126,565 shares worth €1.16 million, as part of the legal adjustments for OCA Tranche 1 holders. Similarly, TOBAM converted 1,000,000 OCA Tranche 1, resulting in 1,838,235 ordinary shares, along with an additional subscription of 262,605 shares for €142,857, all priced at €0.544 per share. Both transactions were executed through debt compensation mechanisms. The operations are projected to enable The Blockchain Group to acquire around 80 BTC, raising its total potential holdings to 1,611 BTC, inclusive of proceeds from prior operations announced on May 26, 2025. The theoretical benchmark for BTC is set at €100,000, with 95% of the funds designated for cryptocurrency acquisitions.
Significant Changes in Company Share Structure
The recent conversions and new issuances are poised to substantially alter the company’s share structure. On a fully diluted basis, Fulgur Ventures could control as much as 46.81% of the company’s capital, whereas Adam Back and TOBAM are expected to hold 10.97% and 2.85%, respectively. Consequently, the total share capital is projected to increase from 123,748,877 shares to 311,726,634 shares.
Strategic Vision and Future Directions
Through these initiatives, The Blockchain Group reaffirms its commitment to evolving into a comprehensive Bitcoin Treasury Company, integrating blockchain technology and cryptocurrencies within its financial framework. The substantial allocation of raised funds for Bitcoin purchases highlights the company’s focus on a pioneering treasury model that prioritizes high-potential digital assets. Furthermore, the company is expanding its endeavors in Data Intelligence, artificial intelligence, and decentralized technology development, reinforcing its role as a significant player in Europe’s digital finance sector. The recent bond issuances and conversions signify a critical advancement for The Blockchain Group, positioning it as a trailblazer in Bitcoin reserve management in Europe. Backed by strategic investors and a clear vision, the company is well-prepared to leverage opportunities in the blockchain economy, aiming for innovative and sustainable growth.
